As important as due diligence, analysis, knowledge of the property type, track record of the syndicator, correctly predicting economic trends, and timing is, the number 1 way to avoid a devastating loss is NEVER INVEST MORE THAN 10% OF YOUR INVESTABLE ASSETS IN ANY ONE DEAL.  

@Russell Brazil is correct about time in the market. 

You're 100% correct, as always.

CORRECTION from above statement(s): Many Lenders will NOT require you to be a Personal Guarantor of a loan your partner gets.

Yes, you do.Here is how to think about it correctly. 

You are absolutely correct - I have never done this exercise. 

I just keep hearing over and over again to just take action and course correct from there. 

Detroit has a mix of affordability and strong rental demand, with properties under $200k that can cash flow if approached correctly.

Verify and double verify with the applicant that the information they have provided is correct and that all income is verified and all adults will have a background check. 

If you think like those gurus or think like those gurus, then you can kick rocks pretty much.Also put aside some money for appraisals, because if you don't do anything correct with a multitude of professionals, you can get sued.Plus these gurus who promise to jv on deals will screw you over.These gurus are pathological liars that need someone to publicly expose them face to face!